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United Real Estate Company (URC) net profits rose by 41.64 % in Q1 2022

United Real Estate Company K.S.C.P (URC), a leading real estate developer and investor in Kuwait and the MENA region, announced its financial results for the first quarter ended 31 March 2022.

The Company reported a 41.64% increase in net profits reaching KD 1.60 million for the first quarter of 2022, compared to KD 1.13 million for the same period in 2021. Operating profits increased by 7.05%, reaching KD 3.51 million for the quarter compared to KD 3.28 million reported in the first quarter of 2021.

Commenting on the results, URC Vice Chairman and Group Chief Executive Officer, Mr. Mazen Issam Hawwa, said, “The Company’s net profit saw an increase during the first quarter of this year driven by renormalization and ease in pandemic restrictions, thereby, increased revenues from shopping centers rentals, hospitality sector, real estate services.”

“URC continues developing communities through various real estate properties in hospitality, commercial and residences which embraces a customer-centricity approach coupled with trending aspirations.” Hawwa concluded.

Demand for “Hessah District” residences increased by desired homeowners seeking luxury high-rise living with unobstructed seaside and city views. With expected completion by Q4 2022, Hessah Towers has reached 71% in total sold units, while Byout Hessah has reached 52% with expected completion in 2023.

Furthermore, the occupancy rate of the residential units at “Raouche View 1090” in Lebanon exceeded 80% due to its latest leasing agreement.

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